Stocks Slump in Final Half Hour

Updated Oct. 28, 1996 4:57 p.m. ET

SAO PAULO, Brazil -- Stocks closed sharply lower after trading flat for most of the session Monday. Brokers attributed the decline to the cool reception, reported Monday, given to $750 million of Global Depositary Receipts, GDRs, Brazil placed on the London market Friday.

The Sao Paulo Stock Exchange dropped 1023, or 1.6% to 64010 on the Bovespa Index, following an 855-point decline Friday. The Rio de Janeiro Stock Exchange lost 209, or 0.9% to 24032; the index fell 130 points Friday. Of the 49 stocks making up the Bovespa...